Wedding loans had the largest demand of any category, at 33% during the second wave of the covid-19 epidemic, compared to 22% during the first wave among persons aged 20-35 years. According to the digital lending site, the increase in wedding loan applications was caused by a year-long delay in their wedding preparations caused by the epidemic.
Indian weddings have developed from three-day affairs to multi-day gatherings that feature Bollywood entertainment and foreign stars. However, the minimalism style has also made an appearance at Indian weddings. The event may only last a day, yet it is celebrated with enormous pomp and magnificence. An Indian wedding is believed to cost between 500,000 and ₹50 Million. A wedding will most certainly consume one-fifth of an Indian’s lifetime earnings.
The Institute of Cost Accountants of India released statistics on the wedding market in India in 2018.
| Total Indian Marriages in a year | Aprox 1 Crore |
| Gold and Diamond jewellery | ₹90,000 Crore |
| Apparel | ₹50,000 Crore |
| Durable goods | ₹30,000 Crore |
| Hotel | ₹7,000 Crore |
| Pandal and venue decoration | ₹10,000 Crore |
| Wedding invitation card | ₹10,000 crore |
| Bridal Mehendi | ₹5,000 crore |
| Entertainment/Music groups | ₹1,000 crore |
| Photography/Videos | ₹1,500 crore |
| Other items like fireworks, pooja, maids, and etc. | ₹5000 crore |
| Total Indian Wedding | ₹2,09,500 crore |
Are Indian marriages resistant to Market Crises?
The Indian wedding sector is expanding quickly at a rate of 25% to 30% yearly. However, because of its inherent characteristics, the Indian wedding business was the first to experience the economic collapse during the epidemic. This transformation was brought about by things like spending patterns, gathering restrictions, and wedding plans.
Nothing lasts forever, as they say. A recent study from WeddingWire India claims that the wedding season has quickly adapted to the new standard. 2021 has had a 57% increase over 2020. Wedding planners and venues were in high demand in cities like Mumbai, Bangalore, Lucknow, Jaipur, and Delhi NCR Users now most frequently seek services from hotels and function halls, while interest in home weddings and virtual nuptials has significantly decreased. Beginning in July 2021, this trend has been on a growing trajectory. Every tenth of every hundred guests are now asking about destination weddings, with Jaipur, Udaipur, Mussoorie, and Lonavala being the most popular locations. Making the necessary preparations for an Indian wedding allows traditional tentwallas and wedding planners to earn thousands of dollars.
But do you need to take out a Marriage Loan?
Thanks to social media and the expanding economy, people are more eager to spend money on their weddings. Most Indians have grown up around the colours, festivities, costumes, foods, music, dancing, lavish settings, and rituals.
Since getting married is a once-in-a-lifetime occasion, you should be in a solid financial situation and be in charge of the wedding costs. Millennials, on the other hand, are more autonomous and opt to borrow money for their wedding from reputable lending sites.
Benefits of taking out a Marriage Loan
It could seem handy to use your credit card to pay for wedding expenditures, but this is not recommended. It might not be simple to pay the entire credit card balance at once. In order to better manage your wedding expenditures, it is a wise decision to apply for a marriage loan. Money is available for use anytime it is required. With a personal loan, you may satisfy your necessities without breaking the bank, unlike with a credit card.
Item-Wise Average Expenses on Indian weddings
- Dinner cost (average) : Rs 700 to 2000 per person
- Pandal decoration cost : Rs 10,000 to 25,000
- Bridal designer saree/ lehenga cost : Rs 5,000 to 50,000
- Designer Sherwani cost : Rs 15,000 to 40,000
- Wedding invite cost : Rs 100 to 1500 per card
- Bridal make up cost : Rs 5000 to Rs 50,000
- Bridal Mehendi cost : Rs 1500 to Rs 5000
- Donation/fee to priest, to advocate for marriage registration is separate.
Liquor licence fee, cost of liquor and related services and cost of petrol/diesel are separate and not included.
Do Millennials spend more on their Weddings?
People in India devote a sizable portion of their life money to weddings. The parents often cover the wedding expenses. A recent study found that millennials who saved more money during the epidemic spent more on wedding festivities and borrow money to meet their demands.
During the second wave of the COVID-19 epidemic, demand for wedding loans was the highest of all categories (at 33% compared to 22% during the first wave). According to the report, 10% of requests for loans for weddings and businesses came from women borrowers (the average loan amount for weddings was 4.13 lakh rupees).
What is the Average Cost Of a Marriage In India?
One of the most important days of your life is your wedding. It is a once-in-a-lifetime opportunity that you would want to make unforgettable by lavishly planning. Knowing the significance of this occasion, your parents may have begun saving for your wedding soon after you were born. Even with growing inflation, wedding expenses have only climbed in recent years. Today, we’ll go over the Indian marriage expenditures list and how a personal loan might assist you deal with it.
Venue Costs
| Venue Type | Venue Expenses | Additional venue related charges |
| Hotels | Rs 1,000 to Rs 3,500 (per plate) *Guest size 500 to 1000 persons | Minimum Rs 1.5 lakhs |
| Banquet Lawns & Farmhouses | Starting from Rs 2,00,000 for Tier-II cities. | Minimum Rs 1.5 lakhs2,00,000 |
| Destination Wedding at Royal Palaces | Rs 75,00,000 to up to a few crores | Minimum Rs 20,00,000 |
Wedding Costs were spent on Clothing
| Function | Groom | Bride |
| Ring ceremony | Starting from Rs 7,000 | Starting from Rs 10,000 |
| Wedding | Starting from Rs 12,000 | Starting from Rs 25,000 |
| Other events | Between Rs 15,000 and Rs 35,000 | Between Rs 30,000 and Rs 60,000 |
Miscellaneous Expenses
| Nature of Expense | Amount |
| Transportation costs | Rs 65,000 to Rs 1,50,000 (AC bus) |
| DJ | Rs 15,000 to Rs 40,000 |
| Sweets | Rs 15,000 to Rs 25,000 |
| Others | Rs 60,000 to Rs 1,00,000 |
What is the costs of Wedding Catering?
The food of India is well-known. And when it comes to wedding preparations, Indians prioritise the cuisine. This cost on the Indian wedding expenditure list, however, is determined by the number of guests and the package offered by caterers and motels. Caterers often provide six meal packages, three vegetarian and three non-vegetarian. The entry-level bundle costs Rs 1,000 per plate. They also provide customising choices. For example, if you increase the quantity of starters or add some curries to the main course beyond the standard package, you will have to pay more.
What is the price of Wedding Jewellery?
Gold prices are currently selling at more than Rs 50,000 per 10 grammes. If you do not include this expenditure in your basic Indian wedding budget, you are making a mistake. A lightweight necklace weighing around 30 grammes will cost approximately Rs 2,50,000.
You must also spend money on gold bangles, mangalsutra, nose rings, and other accessories. These will cost between Rs 350,000 to Rs 6,000,000 in total. Last but not least, there are engagement rings. A diamond ring is popular, and a good grade IF diamond ring with a fair weight costs roughly Rs 1,25,000.
What is the Cost of Wedding Photography?
Wedding photography has developed throughout time. It is not restricted to only covering your wedding. People are becoming interested in photographing every pre-wedding ritual and pair pre-wedding session.
A new idea called cinematography shot has also emerged. As a result, before hiring a photographer, you should understand what is included in their photographic package. Examine how many photographers they give, whether LED projectors are included, and whether they have drones or other high-tech devices to cover your wedding. Also, make sure the wedding album is included. In India, wedding photography packages start at Rs 75,000.
India’s youth borrowing big to get Married
As much as 20% of all loans taken by young Indians in 2018-19 were to fund their own wedding, found a recent survey conducted by online lending platform IndiaLends. Chennai leads the trend with 24% of its youth borrowing money to meet wedding expenses, followed by Mumbai and Delhi. The platform interviewed 5,200 respondents between 20 and 30 years of age across six metro cities in the country. After wedding, travel is the next big reason why millennials borrow, shows the report with Hyderabad leading the way. As much as 22% of the youth from Hyderabad borrowed to fund their travel expenses.
Delhi leads the way when it comes to overall lifestyle borrowing. Young Indians from the city led the tally at 27% in the entire lifestyle category. However, it may not be wise to borrow for lifestyle expenses. Sebi-registered investment adviser and certified financial planner, once you start earning, you must jot down some basic goals for which you want to save. If marriage is one such goal, you must save for it separately.
Even then, it’s better not to go overboard. Keeping in mind the current cost of living, which is high, it’s better to not spend too much on weddings and save the same money for more important goals such as retirement. In another interesting observation, 11% of the country’s young population borrowed to fund their own business and maximum applications (27%) for the same came from Bengaluru, the hub of startups.
Unlike the previous generation, which was prudent in spending, young Indians today do not believe in just making ends meet. They are spending the maximum on things they are keen about, such as higher studies, funding their own business, paying for their own wedding and travel expenses.
While it’s true that millennials are spending on experiences rather than conventional goals, it is important to include these spends as a part of your financial plan. Delayed gratification is better than borrowing which in turn makes you compromise on your other important goals. I advise to start saving in a recurring deposit a year before you want to take a holiday. Overall, more and more people seem to be taking loans. IndiaLends found that loan applications across categories in all six metros rose to 15% in 2018-19 from 9% in 2017-18 and 7% in 2017-16.
Where to get Loan for Wedding with Low Interest Rates
Omozing
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 25 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options from 3 months to 3 years depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account. Money in Bank account in 24 hours post Loan approval.